DePauw University is a private liberal arts college in Greencastle, Indiana. It was founded in 1837 as Indiana Asbury College and changed its name to DePauw University in 1884. The college has a Methodist heritage and was founded to be an ecumenical institution of national stature, "conducted on the most liberal principles, accessible to all religious dā¦DePauw University is a private liberal arts college in Greencastle, Indiana. It was founded in 1837 as Indiana Asbury College and changed its name to DePauw University in 1884. The college has a Methodist heritage and was founded to be an ecumenical institution of national stature, "conducted on the most liberal principles, accessible to all religious denominations and designed for the benefit of our citizens in general".